FPG Intermediate Holdco, LLC
How each BDC lender prices its exposure to this borrower, from the latest SEC Schedule-of-Investments filings.
Lenders
FPG Intermediate Holdco, LLC is held by 3 BDC lenders in our parsed SEC filings: CGBD, GBDC, MSDL.
Cross-lender loan pricing
Lenders mark this name differently
MSDL carries this First Lien exposure at 73.0 while CGBD marks it at 100.0 — a 27.0-point gap on the same lien class, both marked for the quarter ended 2026-06-30. 1 other lender marks in between.
BDC marks are quarterly fair-value estimates. A gap this wide can reflect tranche mix within the same lien class, valuation timing, or genuine credit disagreement between the managers — it is a prompt to read both lenders’ filings, not a mispricing claim. Marks are fair value as a percent of par, FV-weighted where a lender holds multiple tranches.
Non-accrual divergence: 2 of 3 lenders report this borrower on non-accrual (CGBD, GBDC). When lenders split on non-accrual status, the ones recognizing it first are often ahead of the credit.
Each row is one debt tranche at the BDC’s most recent filing that holds this borrower, widest spread first. Mark is the position’s fair value as a percent of par (100 = par). Spread is shown in basis points over the benchmark in the Rate column, normalized from each filing’s as-reported units — rows quoting different benchmarks are still not directly comparable. Compare like-for-like: a second-lien tranche, a different vintage, or an older filing should price wider even when the credit view is identical — check the Type and Filing columns before reading a gap as disagreement. Source: SEC EDGAR (public).
| BDC | Type | Rate | Cash spread (bps) | Mark (% of par) | Fair Value | Maturity | Filing |
|---|---|---|---|---|---|---|---|
| CGBD | 1L Sr Secured | PIK | 500 | 100.0 | $49K | 2029-06-30 | 2026-08-06 |
| CGBD | 1L Sr Secured | PIK | 500 | 100.0 | $94K | 2029-06-30 | 2026-08-06 |
| CGBD non-accrual? | 2L / Mezz | SOFR | 500 | 100.0 | $38K | 2029-06-30 | 2026-08-06 |
| GBDC | 1L Sr Secured | PIK | 500 | 100.0 | $138K | 2029-06 | 2026-08-03 |
| GBDC | 1L Sr Secured | PIK | 500 | 100.0 | $2M | 2029-06 | 2026-08-03 |
| GBDC non-accrual | 1L Sr Secured | PIK | 500 | 81.0 | $2M | 2029-06 | 2026-08-03 |
| GBDC | 1L Sr Secured | PIK | 500 | 100.0 | $984K | 2029-06 | 2026-08-03 |
| GBDC | 1L Sr Secured | PIK | 500 | 86.0 | $4M | 2029-06 | 2026-08-03 |
| MSDL | 1L Sr Secured | SOFR | 500 | 100.0 | $19K | 2029-06-29 | 2026-08-06 |
| MSDL | 1L Sr Secured | PIK | — | 18.0 | $25K | 2029-07-02 | 2026-08-06 |
| MSDL | 1L Sr Secured | PIK | — | 100.0 | $32K | 2029-07-02 | 2026-08-06 |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith under the oversight of each BDC’s board (often by the adviser as valuation designee), so figures are estimates as of the period end each filing reports, not its filing date, and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Ownership & deal activity
Headlines mentioning FPG Intermediate Holdco, LLC
Public headlines that name FPG Intermediate Holdco, LLC, matched by company name and shown most-recent first. A mention is not an endorsement, a rating, or investment advice — verify anything material against the original source. Source: Google News.
Reading this table
When two business development companies lend to the same borrower, comparing how each marks the loan is a starting question, not a verdict. In plain English: a wider spread (e.g. S+575 vs S+525) or a lower mark (e.g. 96 vs 100 cents on the dollar) can mean that lender is pricing in more risk — but marks can also differ for reasons other than a credit view: a different tranche (second lien should price wider than first lien on the same company), a different vintage or entry point, an older filing date, or each manager’s own fair-value methodology. Compare like-for-like — check the Type and Filing columns before reading a gap as disagreement. Each row is one debt position at one BDC’s most recent filing. Source: SEC EDGAR Schedule of Investments (public).
Want to read these numbers like an analyst? Free Oxford Ledge lessons: reading a BDC’s Schedule of Investments, key credit metrics, and the Five Cs of credit analysis.